29 2nd St Catasauqua, PA 18032-2806

This exceptional investment opportunity in Catasauqua, Pennsylvania presents a 10-unit apartment building with significant value-add potential. The property, located at 29 2nd St, boasts 3,500 square feet on a 4,530 square foot lot and is zoned R2 - MDR. Currently generating over $65,000 in gross rental income and a Net Operating Income (NOI) of $39,406, the property offers a 7.37% cap rate with a pro-forma cap rate of 8.80% and a pro-forma NOI of $47,085. The building, constructed in 1870 and comprised of two buildings across three stories, includes a mix of unit types: four units feature private kitchens and bathrooms, while others share bathrooms. Three additional garage spaces generate supplemental rental income. The property also benefits from the recent installation of a new roof (within the last two years), mitigating significant capital expenditure concerns. Several units already utilize Ratio Utility Billing Systems (RUBS), presenting a clear path to increase revenue by implementing RUBS across remaining units and utilities. The asking price is $535,000, or $53,500 per unit. This property represents a compelling opportunity for investors seeking strong returns and value-add potential in a desirable location. The Halyard Group currently owns the property.